SME bosses 'plan to work past retirement age'

The majority of bosses of small and medium enterprises (SMEs) will have different retirement plans to the average worker, according to a new survey showing 37% of them believe they will carry on working past the age of 65. This includes 35% who expect to work into their 70s and 11% who believe they will never be able to retire.

Aldermore Bank's Future Attitudes study found that 34% believe they will not have enough money to be comfortable without work, but 48% of those who expect to continue working will do so because they enjoy it. By contrast, 47% said they would ideally like to retire between the ages of 56 and 65. 

Group Managing Director for Business Finance at Aldermore Carl D’Ammassa said: "Planning for retirement is at the top of everyone’s agenda once they reach a certain age, and it is a time that can be fraught with difficulties and concerns." He added that with an ageing population and economic uncertainty, it is "understandable" that many expect to work beyond retirement age, especially those with dependents.